Ethereum (ETH) Median Gas Usage Hits 2-Year High: Analysis

News
Mon, 10/05/2020 - 09:18
article image
Yuri Molchan
Analysis shows that median usage of gas on Ethereum has soared to a two-year high, while the number of retail ETH wallet holders has also increased
 Ethereum (ETH) Median Gas Usage Hits 2-Year High: Analysis
Cover image via stock.adobe.com
Contents

In its recent tweet, Glassnode analytics data provider announced that median Gas usage on Ethereum blockchain has increased and reached a two-year high.

Along with that, on-chain fundamentals regarding ETH retail wallet holders have also improved.

Ethereum median gas usage surges

Glassnode analytics data vendor has revealed that by today, Oct. 5, the median gas usage on Ethereum has reached a two-year high.

The record achieved here amounts to 41,866.375, with the previous high for the same period shown on Sept. 17.

This metric indicated high recent activity on the Ethereum network, which could be caused by a large splash of transactions on DeFi. Those are mostly related to yield farming, when users lock their ETH in Ethereum-based decentralized platforms to receive ERC20 tokens and invest or trade them, or simply to get their percentage for staking.

One of the most popular DeFi platforms of late has been the Uniswap dex.

On Sept. 16, the exchange announced a massive giveaway of their newly launched UNI token, and that pushed the amount of ETH miner fees to $1 mln in a single hour.

Besides, ETH gas fee spiked to 700 Gwei, which is around $5.66.

Related Researcher: Ethereum and DeFi "will win," fintech startups fall behind
Related
Researcher: Ethereum and DeFi "will win," fintech startups fall behind

ETH wallet on-chain data shows new ATHs

Data shared by Glassnode also demonstrated that the amount of retail ETH wallet holders—with non-zero ETH wallets and those containing 0.01 ETH and 0.1 ETH—has substantially increased and reached several all-time highs.

The metric value for the first two has shown an increase by approximately a thousand addresses since Oct. 4.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.